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"We, as a group, will not stand for this and will use any means possible to prevent and preclude them from stealing this company from its rightful owners—we the shareholders."
—-Michael Hartleib, head of "Save Sirius"
SIRIUS XM SHAREHOLDERS REVOLT
Dissidents Form “Save Sirius” Movement to Protect Investments After Stock Tumbles, File Suit
An Orange County stock investor has formed a group of more than 500 Sirius and XM shareholders to “Save Sirius,” claiming chief Mel Karmazin and his executive team have enriched themselves at their expense.

Michael Hartleib warned a merger between the satellite radio companies would not benefit the company’s shareholders, and has encouraged the group to file a suit in U.S. District Court in L.A.

The move was prompted by Sirius XM’s recent SEC filing in which it asked for shareholder approval to dilute shares by expanding the outstanding stock pool to 8 billion, with a reverse stock split of up to one share for every 50 owned.

"We are working to gain control of our company by seeking to remove current members of the board as well as top executive Mel Karmazin," said Hartleib, speaking for the group.

Hartleib, who has invested more than $100,000 in shares of both Sirius and XM, predicted the merged company's share value would drop to the point where it would be almost worthless and easy for a large investor to swoop up and take the company private, robbing earlier investors of any possible equity and profit.

"It is clear that management under Mr. Karmazin's leadership has an agenda to steal this company from its shareholders," says the “Save Sirius” press release in announcing the suit.

It accuses Sirius XM of "locking their shareholders into the longest merger delay in history; preventing the corporation from seeking alternatives or potential suitors; failing to commercially introduce interoperable radios; insisting on going forward with the merger at any and all costs; and consummating the merger, issuing 300 million shares to the financiers of XM's debt to be sold short on the open market."

The investor group says Karmazin and the board "have severely damaged shareholder value in violation of their fiduciary duties. Shareholders have lost over 90% of their value under his leadership."

Adds Hartleib: "In light of the aforementioned, it is clear that they have lost sight of their obligations to shareholders and have breached and will continue to breach their fiduciary duties in the future. We, as a group, will not stand for this and will use any means possible to prevent and preclude them from stealing this company from its rightful owners—we the shareholders."


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